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To: AugustWest who wrote (16855)	9/3/2002 12:20:01 PM
From: Lazarus_Long	Respond to of 17639

Tokyo stocks hit 19-year low Traders cite profit-taking ahead of Sept. 11 anniversary ASSOCIATED PRESS TOKYO, Sept. 3 — Tokyo’s key stock index closed at 9,217.04 points Tuesday, a 19-year low, despite government reassurances that Japan’s economy has bottomed out. The dollar was trading at 118.08 yen, down 0.36 yen from late Monday. THE BENCHMARK 225-issue Nikkei Stock Average lost 304.59 points, or 3.12 percent, to close at 9,217.04. It was the Nikkei’s lowest close since September 1983. Traders said stocks plunged as investors tried to lock up profits before the first anniversary of the Sept. 11 terror attacks and other major events in coming weeks. “There is no reason to buy and traders are taking a cautious attitude,” said Masahiko Sato, equity marketing manager at Nomura Securities. Other analysts said corporate investors dumped their holdings to shore up their books ahead of the interim accounting period at the end of September. In a bid to calm the market, Finance Minister Masajuro Shiokawa said Japan is always monitoring stock and other financial markets to gauge what they are saying about the state of the economy. “In a free market economy, there will always be buying and selling. As a result, (there are) changes in prices,” Shiokawa said. “What’s important is that we watch various indicators, not only stocks, but foreign exchange, oil and gold prices, to understand what the markets are trying to tell us.” He said there were no immediate plans to take measures to help prop up faltering Tokyo stocks. EURO EDGES UP The broader Tokyo Stock Price Index closed down 26.12 points, or 2.81 percent, at 904.24. The TOPIX closed down 11.28 points, or 1.19 percent, Monday. The TOPIX’s close Tuesday was the lowest since Dec. 27, 1984, when it finished trading at 906.05. U.S. markets were closed Monday for the Labor Day holiday. On Friday, the Dow Jones industrial average closed down 7.49, or 0.1 percent, at 8,663.50, its fourth straight loss. The euro traded at 116.33 yen at mid-afternoon Tuesday, up from 116.25 yen late Monday in Tokyo. Against the dollar, the euro was quoted at 98.62 cents, up from 98.47 cents. The yield on the benchmark 10-year government bond was 1.1800 percent at mid-afternoon Tuesday, up from Monday’s close of 1.1600 percent. Its price fell 0.18 point to 101.07. © 2002 Associated Press. All rights reserved. msnbc.com